By MICHAEL EBOH

Guaranty Trust Bank, GTB, Plc has announced a dividend of N1.10 per share for its 2011 financial year. According to its audited result for the year ended, December 31, 2011, presented to the Nigerian Stock Exchange, the amount represents an interim dividend of 25 kobo per share and a final dividend of 85 kobo per share.

The dividend payout is predicated on a 37.3 per cent growth in its profit after tax to N52.654 billion in the year under review, compared to profit after tax of N38.347 billion in its 2010 financial year.

GTBank Plc’s gross earnings grew by 22.7 per cent to N188.819 billion from N153.908 billion in 2010, while it recorded profit before tax of N65.596 billion, up by 35.4 per cent from N48.456 billion recorded in 2010.

The bank recorded fixed assets of N57.56 billion, rising by 22.2 per cent from N47.09 billion recorded in 2010 and net assets of N238.78 billion, representing an improvement of 13.3 per cent from N210.826 billion recorded in 2010.

The Group grew its deposit liabilities by 35.7 per cent from N761.2 billion in December 2010 to N1.03 trillion during the review period and reported an impressive cost to income ratio of 50.8 per cent only for the year.

Return on Equity was 23.4 per cent for the year, while Non Performing Loans formed only 3.7 per cent of the bank’s Total Loan Book. The Bank’s shareholders’ funds increased from N210.8 billion to N238.8 billion during the year, while its loan book grew by 20.6 per cent over the 12 month period to N715.9 billion despite a generally cautious customer approach to investments.

Commenting on the results, Mr. Segun Agbaje, Managing Director and Chief Executive Officer, GTBank Plc, attributed the Bank’s success in 2011 to a well defined business plan, the passion of its employees and a determination to achieve results without compromising on the bank’s standards of service quality, professionalism and integrity.

Agbaje said, “Despite the complexities of today’s financial landscape, we continue to remain true to our founding values: Service excellence, Professionalism, Integrity and Innovation, whilst ensuring we understand and meet the peculiar needs of our various stakeholders, every single time. Our employees imbibe this vision and that is why we are a successful financial institution today.”

He further stated that the Bank intends to further consolidate its position in 2012 by pioneering service innovations, developing value adding products within all markets, promoting excellence and creating role models for society through a myriad of social and other initiatives.